China's foreign exchange reserves reached $3.4052 trillion at the end of October, up $4.9 billion, or 0.14%, during the month. The State Administration of Foreign Exchange released the figures on November 7.
SAFE attributed the change to exchange-rate translation and asset-price movements. The dollar strengthened in October while major financial markets moved in different directions.
The higher dollar valuation therefore cannot be treated entirely as fresh currency inflows. Changes in the value of assets already held also affect the reserve total.